The eurozone needs no US-style fiscal stimulus, European Union Monetary Affairs Commissioner Joaquin Almunia said today a day after growth data for the currency bloc came in slightly above expectations.
"We have different conditions, so we don't need to copy the decision that has been adopted by the US Congress," he told reporters.
The White House and Congress, faced with a slowing US economy, put together a $168 billion fiscal stimulus plan that President George W. Bush signed into law on Wednesday. It offers tax rebates to households and business investment incentives.
"I see the main risk for the growth outlook is the continuation of turmoil on financial markets and at the same time the possibility of a more pronounced US slowdown," Mr Almunia said.
He said data on euro zone gross domestic product in the fourth quarter of 2007, announced yesterday, was better than expected despite showing a slowdown.
"The final figure for growth in Q4 was slightly better than our last forecast, but we cannot ignore the deceleration of growth," he said.
GDP in the 13 countries then using the euro grew by 0.4 per cent quarter-on-quarter in October to December against 0.8 per cent in the third quarter.